finding the perfect home loan to fit your needs
The perfect home loan is not going to be a one-size-fits-all option. And while the decision to purchase a new home is exciting, the process can seem overwhelming. Luckily, BlueOx and our partners at Mortgage Center are here to help! We’re dedicated to helping you meet your goals - and offer exclusive home loan options with lower rates and fees. Continue reading to learn more about some of the most popular loan products and get one step closer to finding your perfect fit.
pro tip – There are many factors to be aware of when searching for a home loan - including interest rate options, the pre-qualification process, and down payment requirements. Check out our blog Home Loans 101, for a complete breakdown of all this essential information.
1. conventional loan
Often referred to as the “go-to loan,” Conventional Loans provide various options to potential home buyers. Especially if you’re looking for flexible terms and lower interest rates. With these loans, you can also get a fixed or adjustable rate - depending on your needs.
Learn more about Mortgage Center's Conventional Loans.
2. FHA loan
FHA loans are a perfect choice if you're a first-time home buyer. They offer lower down payments and have flexibility in their credit requirements. They’re also backed by the federal government – giving lenders the confidence to approve more buyers because they’re taking on a lower risk.
- Down payment as low as 3.5%
- Lower credit score requirements
- Friends and family can help you save by contributing to your down payment
- Two repayment options are available – 15 years or 30 years
Learn more about Mortgage Center’s FHA Loans.
3. construction loan
Do you dream about building the perfect home? Then a construction loan is your ideal choice! Not only will this cover the costs of the land, materials, and labor, but you only need one loan for everything. That means, once your home is complete, your loan will automatically switch to a conventional mortgage – making the process much easier!
- More flexible terms than traditional loans
- During the construction process, you only pay your interest – the principal loan payments don't start until construction is complete
- Building the home of your dreams!
Are you looking to renovate your home? Or are you a licensed builder who plans on doing the labor instead of hiring a contractor? Don’t worry; Mortgage Center has everyone covered! Here are a few variations of the Construction Loan:
- Construction-only loans – These typically only last about a year and are only active while your home is being built. Full payment is required by the end of the building phase.
- Renovation Loans – This is a much better option if you plan on doing renovations to a home that’s already built.
- Owner-builder construction loans – This is the perfect option for licensed builders looking to work on their own homes.
Learn more about Mortgage Center's Construction Loans.
Looking for more? Read our blog about everything you need to know about construction loans!
4. VA loan
Are you active in the military or a veteran? Then you should consider getting a VA loan. As a "Thank you for your service," Mortgage Center offers VA loans with no down payment and low fixed rates. They’re also more flexible with credit and income requirements for those who have served in the military. Plus, with a VA loan, you’re not required to obtain mortgage insurance. Which could make the home-buying process simple and less expensive.
Learn more about Mortgage Center's VA Loans.
5. jumbo loan
Go big, AND go home! Some homes are going to be larger and higher-priced than others. If this is your situation, check out Mortgage Center’s Jumbo Loan! These loans allow you to get funding for a home that would typically exceed a conventional loan’s limit.
- Low-interest rates and fees
- The opportunity to avoid mortgage insurance. Which could save you even more money!
Learn more about Mortgage Center's Jumbo Loans.
These are just some of the home loans that Mortgage Center offers – click the following link for even more options and information:
Do any of these home loans seem like the perfect option for you? If so, contact our partners at Mortgage Center! Their knowledgeable team of experts is excited to work with you from start to finish in your home-buying process! Click the following links to learn more and get started:
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